Globe Telecom’s mobile commerce subsidiary G-Xchange partnered Hong Kong-based financial technology start-up EMQ to enable cross-border mobile remittances into the Philippines.
The collaboration enables EMQ users to send money to users of G-Xchange’s GCash mobile wallet, which the recipients can then use to pay bills, make online purchases, and withdraw cash at more than 12,000 GCash partner outlets.
Max Liu, co-founder and CEO of EMQ, said the Philippines is a key market, with World Bank figures showing the country is the third largest recipient of remittances. Such money transfers “provide a lifeline for millions of households and drive financial inclusion”, he noted.
The GCash tie-up expands on EMQ’s existing capabilities in the Philippines, and will deliver a flexible means for overseas workers to send money home to the country, Liu explained.
In addition to Hong Kong and the Philippines, EMQ currently operates in Taiwan, Indonesia and Vietnam. The company plans to continue its expansion by focusing on key business markets in Asia initially, and North America, Europe and the Middle East in the longer term.
GCash could provide a route into additional markets: Globe Telecom noted the service counts more than 1 million international partners.
Albert Tinio, president and CEO of GCash, said the partnership will boost economic growth in the Philippines, and usage of the mobile wallet service: “Filipinos who rely on remittances from their loved ones overseas will receive their money fast and securely.”